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4 High-Yield Dividend Stocks to Buy to Ride Out the Storm
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Cash rate on hold until 2022? Buy these ASX dividend shares
According to the latest economic report by Westpac Banking Corp (ASX: WBC), it continues to forecast the cash rate staying on hold at 0.25% until at least the start of 2022.
In light of this, it looks inevitable that the interest rates on savings accounts and term deposits will remain at ultra-low levels for some time to come.
The good news for income investors is that ASX dividend shares can help you overcome these low rates.
But which dividend shares should you buy? Three that I would buy next week are listed below:
Dicker Data Ltd (ASX: DDR)
The first dividend share I would buy is this wholesale distributor of computer hardware and software. Dicker Data has consistently grown its earnings and dividends at a solid rate over the last few years thanks to its strong market position, increasing vendor agreements, and favourable industry tailwinds. This positive form has continued in FY 2020 despite the pandemic, with the company reporting stellar first half earnings growth. As a result of this, the company advised that it plans to increase its dividend by 31% to 35.5 cents per share for FY 2020. Based on the current Dicker Data share price, this represents a fully franked 5.1% dividend yield.
Goodman Group (ASX: GMG)
While Goodman Group may not offer the biggest yield on the local share market, I think it is still worth considering. This is because I believe the owner, developer, and manager of industrial real estate is well-positioned to grow its earnings and distribution at a solid rate over the next decade thanks to its high quality asset portfolio. Goodman Group’s assets have exposure to high growth markets such as ecommerce through relationships with giants such as Amazon, DHL, and Walmart. Based on the latest Goodman Group share price, I estimate that it offers investors a 2.1% FY 2021 distribution yield.
Wesfarmers Ltd (ASX: WES)
A final dividend share to consider buying is Wesfarmers. I’m a big fan of Wesfarmers due to its defensive qualities and its positive long term outlook. The latter is due to the quality businesses it has in its portfolio, such as Bunnings, and its history of earnings accretive acquisitions. And given its hefty cash balance, I suspect deals may not be far away. At present I estimate that Wesfarmers’ shares offer investors a forward fully franked ~3.5% dividend yield.
3 “Double Down” Stocks To Ride The Bull Market
Motley Fool resident tech stock expert Dr. Anirban Mahanti has stumbled upon three under-the-radar stock picks he believes could be some of the greatest discoveries of his investing career.
He’s so confident in their future prospects that he has issued “double down” buy alerts on each of these three stocks to members of his Motley Fool Extreme Opportunities stock picking service.
*Extreme Opportunities returns as of June 5th 2020
More reading
- Are our ASX bank shares expensive by global standards?
- Why I would buy a2 Milk and these fantastic ASX 50 shares
- BKI Investment share price rises despite 35% drop in FY20 profit
- ASX 200 flat: Westpac class action, Rio Tinto Q2 update, travel shares sink
- Westpac share price on watch after being hit with flex commissions class action
Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia owns shares of Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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Top Ships (TOPS): Potential Newbuild Delivery Delays Put This Analyst on the Sidelines
Any risk-tolerant investor will be hard pressed to find a penny stock that better embodies the description than Greek oil tanker operator Top Ships (TOPS). Shares are going for $0.11 apiece, after a multi-year ride to the bottom. In 2020 alone, the stock is down by 86% so far. Adding insult to injury, the only analyst on Wall Street keeping a close eye on the vessel operator recently downgraded his rating.Maxim analyst Tate Sullivan dropped his rating from Buy to Hold and also removed his price target, citing “potential for delays at shipyards delivering five new ships to TOPS in 2021” as the reason for the downbeat assessment. (To watch Sullivan’s track record, click here)The analyst further said, “While COVID-19 may continue to impact global shipping and shipyard activity in 2021, we note shipyards periodically have newbuild delivery delays even during more predictable operating environments. In addition to potential delays in 2021 generating revenue from five new ships, we also factor in the risk that some of TOPS' customers may not exercise options on contracts with ‘end of firm period’ contracts in 2021.”There are four ships in the company’s fleet that fall into this category. According to Tate, this could result in “lower daily rates and/or downtime between contracts if volatility in global shipping activity continues.”Therefore, Sullivan trimmed his 2021 revenue estimate from $68.7 million to $66.9 million, and slashed his previous 2021 EBITDA estimate from $31.4 million to $30.4 million.In order to raise additional cash, since the turn of the year, Top Ships has completed a series of equity offerings, with net proceeds coming in at about $113.7 million. Sullivan estimates that in the first half of 2020, $41.4 million went toward reducing the debt load, but he still expects debt to increase to $374.6 million by the end of 2021 (compared to the previous 2021 estimate of $348.3 million).In addition, Sullivan believes TOPS will preserve cash before paying for newbuilds, although the analyst expects TOPS to fund newbuild construction with proceeds from the equity offerings.Looking ahead, a revision of Sullivan’s outlook for the vessel operator is dependent upon the health of the global shipping industry.“We will continue to review our estimates as a meaningful increase in shipping activity in 2021 may lead customers for four of TOPS' ships to exercise options at higher daily contract rates,” the analyst concluded. (See TOPS stock-analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. More recent articles from Smarter Analyst: * Celsion (CLSN) Stock Loses a Wall Street Supporter * $1000 Is the Number to Watch for Shopify Stock, Says 5-Star Analyst * Q2 Semiconductor Preview: What to Expect * Oppenheimer: These 2 "Strong Buy" Stocks Are Poised to Surge by Over 80%
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Celsion (CLSN) Stock Loses a Wall Street Supporter
Stocks go up, stocks go down, you can't explain that…Or maybe you can, if the stock happen to be a biotech that just flunked a clinical trial. Which leads us nicely to Celsion Corporation (CLSN). Or not so nicely if you happen to be an investor.Shares cratered by a dispiriting 68% this week after the company announced that the independent Data Monitoring Committee (DMC) recommended it prematurely bring to an end its Phase 3 OPTIMA study evaluating ThermoDox in patients with primary liver cancer.Based on an interim safety and efficacy analysis, the DMC concluded the study was unlikely to achieve the primary endpoint after exceeding a futility threshold value.With Celsion still assessing the data, management have outlined 3 possible paths forward: “1) continuation of the study through final analysis, 2) discontinuation of the study for futility, and lastly 3) assessment of the study following some additional events (n=8–10).”For Oppenheimer analyst Hartag Singh, the well-designed study’s results were obviously “disappointing.”Although the analyst points out that Celsion management has indicated “a potential preference for the (inexpensive) third option,” it is doubtful the outcome will be any different.With ThermoDox likely to be discarded, attention will now turn to GEN-1, the biotech’s treatment for ovarian cancer – a notoriously hard to treat disease. GEN-1 has shown promise in the first part of a phase 1/2 trial and has been given the go ahead to continue with the second portion, which will be initiated in August. While it is still early days, Singh is piqued by the reaction to the initial data.The 5-star analyst said, “While we expect to see more on GEN-1, particularly as the Phase 2 program initiates in August, work may lay ahead on the manufacturing front, and we await a broader data set. Nonetheless, initial results have been intriguing: a 2x higher R0 resection rate in newly-diagnosed Stage III/IV ovarian cancer (over historical) generating significant physician enthusiasm for the approach.”However, for now, along with removing ThermoDox from his Celsion model, Singh drops his rating from Outperform (i.e. Buy) to Perform (i.e. Hold) and takes his price target off the table. (To watch Singh’s track record, click here)Overall, two other analysts recently reviewed Celsion’s prospects, one saying Buy, while the other suggesting Hold. (See Celsion stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. More recent articles from Smarter Analyst: * $1000 Is the Number to Watch for Shopify Stock, Says 5-Star Analyst * Q2 Semiconductor Preview: What to Expect * Oppenheimer: These 2 "Strong Buy" Stocks Are Poised to Surge by Over 80% * Dynavax Teams Up With Mt Sinai On Universal Flu Vaccine
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3 five-star ASX shares to buy
If you’re looking for some new additions to your portfolio in July, then I think the three ASX shares listed below would be great options.
I feel they are among the best on offer on the Australian share market and believe they can generate strong returns for investors over the next decade.
Here’s why I rate them as five-star stocks:
Afterpay Ltd (ASX: APT)
I think this payments company is a five-star stock. I’ve been very impressed with the company’s performance in FY 2020 and particularly during the pandemic. Not only has Afterpay delivered explosive sales and customer growth, its losses and income margins have remained relatively stable. I believe this demonstrates the resilience of its business model. And while the Afterpay share price certainly does trade a premium to the market average, I believe this is justified thanks to its enormous growth potential. Overall, I feel Afterpay could prove to be a fantastic buy and hold option for investors.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
Another five-star stock to consider buying is Domino’s Pizza. I rate the pizza chain operator highly because of its strong market position and its positive long term growth outlook. The latter is thanks to management’s bold expansion and sales targets. Over the next five years the company is aiming to grow its same store sales by 3% to 6% per annum. It is also aiming to deliver annual organic new store additions of 7% to 9% per annum over the same period. If it delivers on this, the combination of the two should result in stellar earnings growth.
Pushpay Holdings Group Ltd (ASX: PPH)
A final five-star stock to look at is Pushpay. It is a fast-growing donor management platform provider for the faith sector. It has been growing its market share in the United States at an impressive rate over the last few years. This has led to the company delivering exceptionally strong revenue and operating earnings growth. The good news is that management isn’t resting on its laurels and has set itself bold revenue targets. It is aiming to grow its revenue to US$1 billion in the future by capturing 50% of the medium to large church market. This compares to the US$127.5 million revenue it achieved in FY 2020. Given the quality of its offering, which has been bolstered by the acquisition of church management system provider Church Community Builder, I believe it will achieve its goal. This could make the Pushpay share price a market beater long into the future.
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
- How I’d build a $100,000 ASX portfolio of growth shares
- Has the Temple & Webster share price peaked?
- Brokers name 3 ASX shares to buy right now
- Openpay share price on the move as key metrics boom
- How to pick an ASX 200 share market bubble
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Domino’s Pizza Enterprises Limited and PUSHPAY FPO NZX. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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$1000 Is the Number to Watch for Shopify Stock, Says 5-Star Analyst
The viral outbreak might be having a ruinous effect on a host of industries, but it is no secret some have thrived in these conditions. Hardly any more so e-commerce platform Shopify (SHOP). Shares are up by 133% year-to date, although to be fair, it’s not as if Shopify needed a helping hand before the pandemic struck. Overall, since debuting on the New York Stock Exchange for $28 a share in May 2015, the stock is up by 3,320% and Shopify has positioned itself as one of the 21st century’s tech giants.But there’s room for another slight uptick from here, argues RBC analyst Mark Mahaney. The 5-star analyst expects Shopify shares to be changing hands for $1000 apiece over the next months, implying 8% of upside. (To watch Mahaney’s track record, click here)Driving Mahaney’s bullish outlook is a recent report by RBC Elements – the investment firm’s data science team – that analyzed Shopify’s merchant base and reached the following conclusions: “1) Shopify’s gross merchant adds appear to have accelerated in Q2; 2) Shopify’s merchant churn appears below historical trends; and 3) Shopify’s merchant mix is only 58-68% consumer discretionary.”Mahaney believes “these results are stronger than most investors assume.”As of July 7, Shopify had 1.42 million merchants, which is 1.15 million more than at the end of Q1. In Q2, gross merchant adds increased by 88% quarter-over-quarter from 217,000 to 407,000, while also rising by 83% year-over-year.On the flip side, and indicating another positive trend, in Q2, merchant churn was 137,000, which amounts to 12% of total merchants at the beginning of the quarter. This is a lower rate than the 185,000 – or 17% – exhibited in Q1 and lower than the last 4 quarters’ average churn rate of 15%.An improvement in Shopify’s Amazon Alexa Website ranking is also indicative of increasing popularity. Over the last 90 days, Shopify has climbed in the rankings from 55 to 33.So, that’s RBC’s take, now let’s take a look at the rest of the Street’s view. Based on 8 Buy ratings, 13 Holds and 1 Sell, Shopify has a Moderate Buy consensus rating. However, the analysts expect the share price to decline by 7% over the next 12 months, as the $888.79 average price target implies. (See Shopify stock-price forecast on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. More recent articles from Smarter Analyst: * Q2 Semiconductor Preview: What to Expect * Oppenheimer: These 2 "Strong Buy" Stocks Are Poised to Surge by Over 80% * Dynavax Teams Up With Mt Sinai On Universal Flu Vaccine * LendingTree Boosts Q2 Guidance; Analysts Raise Price Targets
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NIO share price reflects ‘over-optimism’: Goldman
NIO’s stock price reflects “over-optimism”, says Goldman Sachs analyst Fei Fang.
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Is Altium a millionaire maker share at this price?
Is Altium Limited (ASX: ALU) a millionaire maker share at today’s price? Its shares are steadily becoming better value in my opinion.
Since the start of June 2020 the Altium share price has actually fallen by 13%. I think that makes the ASX share more attractive for long-term investors. It’s still down by 24% from the share price at 17 February 2020.
Overview of Altium
Before I get into the current COVID-19 events and the valuation, I’m going to give you a quick rundown of Altium if you don’t know what it does.
Altium is an electronic PCB software business that offers a number of products like Altium Designer, TASKING, Nexus and Octopart. Many of its products are used for the design of new products, devices and vehicles. Engineers use the software, from one-man engineer outfits up to multi-national organisations.
Some of the clients that use Altium’s services are Tesla, Space X, NASA, Boeing, Lockheed Martin, John Deere, Google, Proctor and Gamble, CSIRO, Monash University, John Hopkins, Siemens, Cochlear Limited (ASX: COH), Boston Scientific, Microsoft, HP, Amazon, Disney, Apple, Fitbit, Qualcomm and Broadcom.
Altium also has an exciting product called Octopart. It’s a search engine to find electronic components and industrial products – kind of like the Google for electrical parts.
The company has global diversified earnings. Around half of earnings come from the Americas, around a third from Europe, 14% from emerging markets and 7% from the Asia Pacific region. I think the Altium share price is interesting for Aussie investors because of the global earnings aspect alone.
The company is now trying to follow the ‘rule of 50’ where the percentage of revenue growth and its earnings before interest, tax, deprecation and amortisation (EBITDA) margin are at least 50%. For example, if it had a 38% EBITDA margin and 13% revenue growth then it would have met the goal. It may be hard to achieve the rule of 50 in FY20 due to COVID-19.
COVID-19 conditions
Altium recently announced its revenue and subscriber growth for FY20. Revenue and sales both grew by 10%. It fell a bit short of its US$200 million revenue target. There was a 14% increase in new Altium Designer seats sold and 17% growth of the subscription base to well over 50,000 subscribers.
The ASX share finished FY20 with a cash balance of more than US$90 million.
This update hasn’t helped the Altium share price recover. But one of the main positives from the update was that the new cloud platform called Altium 365 now has over 2,500 companies using it with almost 5,000 active users. It’s going to be things like Altium 365 that drive the company forward with COVID-19 still around.
To try to get customers to sign up in the last few weeks of FY20, the company gave them attractive pricing and extended payment terms. I think this was the right move – it’s more important to win market share in the short-term and then charge those customers the full price in the following year when things have (hopefully) turned around.
Is Altium a millionaire maker share at this price?
At a share price of around $32.50, Altium certainly isn’t cheap. It’s trading at 59x FY21’s estimated earnings.
But you shouldn’t make an investment based on the next 12 months. It’s the long-term that counts. Altium is aiming for 100,000 Altium Designer seats by 2025 which should assist the company to hit US$500 million of revenue. If the company achieves that revenue goal, it should come with a higher profit margin, stronger cashflow and higher dividends.
Altium has already made long-term shareholders big returns and it’s priced quite highly, so I don’t think it will make massive returns in the next five years. I think there’s more growth to come after 2025 if it can achieve global market dominance like it wants to. It’s that growth beyond 2025 that makes me think Altium can still be a good market-beater over the long-term at today’s share price.
I’d prefer to buy shares under $30. That share price may (or may not) come later this year. COVID-19 may cause another selloff in the share market and the US election is quite likely to cause some volatility. I’ll be very surprised if I haven’t bought more Altium shares by the end of 2020.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
More reading
- How I’d build a $100,000 ASX portfolio of growth shares
- Are these the best ASX tech shares to buy right now?
- Top ASX dividend shares to buy in July 2020
- 3 must-buy ASX growth shares for July
- 3 top ASX growth shares I’ll buy if the ASX crashes again
Tristan Harrison owns shares of Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Altium and Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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These were the best performing ASX 200 shares last week
The S&P/ASX 200 Index (ASX: XJO) was on form last week and climbed notably higher thanks largely to the miners and banks. The benchmark index rose 1.9% to 6033.6 points.
While a good number of shares pushed higher last week, some climbed more than most. Here’s why these were the best performing ASX 200 shares:
The Alumina Limited (ASX: AWC) share price was the best performer on the ASX 200 last week with a 12.9% gain. This follows the release of the Alcoa business’ second quarter earnings. One broker that was pleased with what it saw was Credit Suisse. Its analysts upgraded Alumina’s shares to an outperform rating with an improved price target of $2.00. It believes the company’s outlook is improving greatly thanks to lower unit costs and a rebounding aluminium sector.
The Credit Corp Group Limited (ASX: CCP) share price wasn’t far behind with a gain of 10.8%. Investors were buying the debt collector’s shares after the release of its full year update. Credit Corp expects to report a net profit after tax in the range of $75 million to $80 million before one-offs This went down well with analysts at Morgans who retained their add rating and lifted the price target on the company’s shares to $19.10.
The Cooper Energy Ltd (ASX: COE) share price was a strong performer last week with a 10.5% gain. This was despite there being no news out of the oil and gas company. However, earlier this month Morgans put an add rating and 53 cents price target on its shares. It appears optimistic on the progress being made in respect to commissioning activities at the Orbost Gas Processing Plant.
The Fortescue Metals Group Limited (ASX: FMG) share price was on form and pushed 10.4% higher. Investors were buying Fortescue’s shares after the iron price continued its rise. On Friday the spot iron ore price was up as high as US$108 a tonne thanks to supply disruptions in Brazil and strong demand in China. At one point on Friday the Fortescue share price climbed to a record high of $16.66. This stretched its year to date gain to an impressive 54%.
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
- These ASX stocks are among the most popular buy ideas from brokers today
- Why Alumina, BWX, Life360, & Perpetual shares are charging higher
- Top ASX dividend shares to buy in July 2020
- Should you buy Fortescue shares at an all-time high?
- Leading brokers pick the latest ASX 200 stocks to buy today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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3 reasons to buy Vanguard Australian Shares Index ETFs
I love the simplicity of exchange-traded funds (ETFs). There’s something great about the set and forget option that a share like the Vanguard Australian Shares Index ETF (ASX: VAS) provides.
For those that don’t know, this Vanguard ETF seeks to track the S&P/ASX 300 Index (ASX: XKO). Here are 3 reasons why this Vanguard ETF is a great option for many Aussie share portfolios.
Why I like the Vanguard Australian Shares Index ETF
1. Diversification
One of the best things about ETFs is the diversification they offer. And that is certainly true of the Vanguard Australian Shares Index ETF.
In tracking the ASX 300, VAS invests in 306 different shares with a price-to-earnings (P/E) ratio of 16.9.
That means investors get diversified exposure to the vast majority of the Australian share market with a management fee of just 0.10% per annum.
One of the big knocks of VAS is its heavy weightings to the ASX resources and bank shares. However, it is just trying to track the ASX 300 which is, itself, heavily weighted towards those sectors.
And when you’re buying VAS shares and getting exposure to 306 companies, I feel it’s still heavily diversified.
2. Indirect international exposure
While it is the Vanguard Australian Shares Index ETF, there is still a fair bit of indirect international exposure.
That’s because many top ASX companies have significant international operations. This includes global heavyweights like CSL Limited (ASX: CSL) and Transurban Group (ASX: TCL).
There’s also many of the top tech stocks that are expanding overseas. In particular, ‘WAAAX’ shares like Afterpay Ltd (ASX: APT) and Altium Limited (ASX: ALU) continue to ramp up their international footprints.
That means while you might be buying an Australian-based ETF, there is still indirect exposure to offshore economies.
3. Strong dividends
This is a hot topic right now given the impact coronavirus is having on corporate earnings.
Strong dividend yields are hard to come by in the current market. The trouble with dividend yields is that they are often backward-looking and may be irrelevant later in the year.
For the moment, the Vanguard Australian Shares Index ETF is yielding 4.07%. That’s the same as the benchmark index right now but who knows where that will go in 2020.
With a number of top dividend shares heavily weighted in its portfolio, this Vanguard ETF could be a good option for yield this year.
Foolish takeaway
These are just a few reasons I like the Vanguard Australian Shares Index ETF. If you’re more of an active investor, however, you might have to look elsewhere for outperformance in 2020…
We hear it over and over from investors, “I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!” And it’s true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
More reading
- 3 excellent ASX ETFs to buy for dividends
- The dangers of investing in managed funds
- 2 ASX shares I would buy for growth and income
- ASX fashion retailers bounce back
- These are the 4 cheapest ETFs on the ASX
Motley Fool contributor Ken Hall owns shares of Vanguard Australian Shares Index. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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